ForexMorningTrade System

[shoot2scoot]

Hi, I have just purchased the system. Please can I confirm the correct settings for the EA, I am based in UK using Smart Live Markets. I have 07.15 (SML 1 Hr ahead), stop 45, Take Profit 35, Stop to BE at 20, lots 0.1, Money management true, lots decimal 2, risk percentage 2, maximum lots 0.5,
Thanks

Andy Hi, two things to add. The latest settings have increased BE to 25 (not 20) with SL moved to BE+5pips. Also i think most people are using the Long Candle Filter (true).

Sorry if sucking eggs but with SLM 0.1 lots is equal to 10p (ie 1.0 lots = £1 not £6.something).

Good luck, but sit on your hands until next week if you can!

Chris

 

[andycon]

Andy Hi, two things to add. The latest settings have increased BE to 25 (not 20) with SL moved to BE+5pips. Also i think most people are using the Long Candle Filter (true).

Sorry if sucking eggs but with SLM 0.1 lots is equal to 10p (ie 1.0 lots = £1 not £6.something).

Good luck, but sit on your hands until next week if you can!

Chris

Thanks Chris
Is that BE 25 with BE add pips 5

 

[fxsurfr]

If I get a long signal today, I am taking it!

 

[RedGuerrilla]

Stats for 04-26-2011



Live Accounts:

FMT 4.3, EA standard settings: 45 SL, 25 BE, +5 BE, 35 TP
6:15 UK Time, FXSolutions..., Short/Loss...., -46.0, Stats since 11-08-2010: Total= +80.0
6:15 UK Time, IBFX.........., Short/Loss...., -45.3, Stats since 01-04-2011: Total= +275.0
6:15 UK Time, PFG Best......, Short/Loss...., -49.7, Stats since 03-01-2011: Total= +53.5



Demo Accounts:

FMT 4.3, EA standard settings: 45 SL, 25 BE, +5 BE, 35 TP
6:15 UK Time, PFG Best......, Short/Loss...., -45.9, Stats since 02-01-2011: Total= +379.3
6:15 UK Time, FXCM.........., Short/Loss...., -45.9, Stats since 02-01-2011: Total= +403.8
6:15 UK Time, Alpari(US)...., Short/Loss...., -45.4, Stats since 02-01-2011: Total= +365.9
6:15 UK Time, FXDD.........., Short/Loss...., -45.8, Stats since 02-01-2011: Total= +290.9



Notes:

All pip totals include slippage
FXSolutions is the only dealing desk broker

 

[podberry]

Morning all - Long Oanda 1% risk

 

[shoot2scoot]

Thanks Chris
Is that BE 25 with BE add pips 5

Yes, once you reach +25pips, SL moves to BE+5pips. C

 

[mike1booth]

Morning all - Long Oanda 1% risk

Morning Podberry. Seems pretty lonely on here this morning.

Long on SLM in at 1.65035

 

[jonnymac]

Long today not looking good sofar

 

[podberry]

Morning Podberry. Seems pretty lonely on here this morning.

Long on SLM in at 1.65035

Indeed Mike, I think everyone cant wait for next week Tuesday to get our volume back, we proceed with caution and anticipation until then . I recon the next 3 months are going to be good, looking forward to it :clap:

 

[shoot2scoot]

Indeed Mike, I think everyone cant wait for next week Tuesday to get our volume back, we proceed with caution and anticipation until then . I recon the next 3 months are going to be good, looking forward to it :clap:

Yes, plus don't forget that prelim GDP is out at 09.30 (UK) and that could be a shocker with this low volume!

 

[podberry]

Long today not looking good sofar

Yeah jonny, if we get stopped out at -45 today I will be hanging up my gloves until next week Tuesday, capital preservation is my number 1 priority. I personally think we are mad trading this week, guess us adrenalin junkies need our fix

 

[chrisheath]

@ 3Po
I will do it tomorrow.

BTW, there is no indication that the last 50 trades are statistically abnormal. I use Kolmogorov-Smirnov-tests to give me a hint when its time to leave a system.
Up to now there is all OK with FMT and old settings, verry robust and stable.

So I'll check the new settings tomorrow

jore

Hi Jore, Kolmogorov-Smirnov-tests sounds interesting. When you say ' old settings, verry robust and stable' , does that refer to 40/40 ?

Regards, Chris

 

[pdrmendes]

@SLM

06:15 - Long
06:30 - Long

Lets see how it goes...

 

[israel4C]

News at 9:30 going to do damage to cable or not?

 

[Euro_d]

Very quiet and dangerous markets.

Managed +10 on FMT scalp,
still in on standard settings with reduced risk.

Podberry is right, we must be mad trading these markets!

Personally, will watch trade and close early if it goes too long due to UK news

 

[Jashfx]

Is The Paint Dry Yet????

 

[wiseambitions]

these are some long candles, frequently 6 pips movement in a minute, very volatile and it feels like riding a tiger by the tail

Perhaps volume will pick up after 8 when London gets going

 

[wiseambitions]

whats it playing at?

 

[pair trader]

Staying out of the GBP for now

 

[podberry]

Here is food for thought while you trade today

Avoiding Holiday Trading in Forex

As such, a lot of banks and businesses take the day off. However, the Forex market will remain open. This is tempting for those that have a desire to get into the market to trade. However, it would be wise for one to refrain.
Liquidity is incredibly low on US holidays. When the major players are not in the game, price is not susceptible to move in logical patterns as it typically would. The benefit one gains from liquidity is that the market offers a better opportunity to take advantage of price action. With low liquidity, price is more likely to move in an unpredictable range as opposed to a trend.
Pricing as well is completely irregular. With low liquidity it doesn’t take much for price to be pushed around if someone stepped up to the plate and placed a large order. As such technical analysis is more likely to fail to do the unstable nature.
As well, price can take a steep turn in direction only to be quickly corrected. This should be of concern to day traders who keep narrow stops. You might find that it takes hours for your trade to slowly move in the right direction, only for it to spike up, knock out your stop, and start the decline back towards your original profit target.
Trading can be stressful enough at times. There is no sense on trading on a day where you are minimizing your edge in the market. Enjoy this extra day of vacation. Spend time with your family and friends. Watch a movie. Catch up on chores. The market will be back in full swing on the day after the holiday.

Holidays truly defies the logic of what you are doing in the Forex market. Are you looking to profit or are you looking merely to trade for the sake of trading?
Bottom line is, just keep your money out of the market.